La-Z-Boy foresees growth and profitability
La-Z-Boy has reported improved results for its fourth quarter and full year ended April 24.
Net sales for the fourth quarter were $310.7 million, up 9.2% compared with the prior year's fourth quarter. The company reported income of $13.7 million compared with $5.2 million during the fourth quarter of fiscal 2009.
For the full year, the furniture firm reported sales of $1.2 billion, down 3.9% compared with the prior-year period. Income was $32.5 million compared with a loss of $122.7 million.
Kurt Darrow, president and chief executive officer, said: "Our results for the quarter and full year reflect the success of the many strategic initiatives implemented over the course of the last several years combined with a focus to ensure our cost structure is in line with order flow. Our manufacturing operations are governed by lean principles; we are focused on building the La-Z-Boy brand, the core growth engine of the company, and are working to strengthen the performance of our retail segment.”
He added: “While challenges still remain, we believe that today La-Z-Boy Incorporated is well positioned to not only compete in this environment, but to grow profitably."
